COLOMBO: Sri Lanka is aiming to attract well over $1 billion in foreign direct investment this year, an official said on Friday, as the country wrestles with its worst financial crisis since independence in 1948.

These include proposals by Marubeni Corp and India’s Adani Group to set up renewable energy plants on the island, Renuka Weerakone, director-general of the Board of Investment (BoI), told Reuters.

Marubeni has put forward a proposal to set up an 800 megawatt (MW) solar and wind plant while the Adani Group has already completed feasibility studies on a similar 500 MW project that it hopes to wrap up in 18-24 months, she said. Two Chinese companies are also eyeing similar projects.

The Sri Lankan government is expected to revamp legislation governing the energy sector this month, Weerakone said, which would allow large-scale projects to be implemented more smoothly.

Published in Dawn, June 4th, 2022